MGE Energy: Declares regular dividend

Madison, Wis., Nov. 16, 2012–The board of directors of MGE Energy, Inc.
(Nasdaq: MGEE) today declared the regular quarterly dividend of $0.3951 per
share on the outstanding shares of the company’s common stock, payable Dec.
15, 2012, to shareholders of record at the close of business Dec. 1, 2012.

MGE Energy has increased its dividend annually for the past 37 years and
has paid cash dividends for more than 100 years.

MGE Energy is a public utility holding company. Its principal subsidiary,
Madison Gas and Electric (MGE), generates and distributes electricity to
139,000 customers in Dane County, Wis., and purchases and distributes
natural gas to 144,000 customers in seven south-central and western
Wisconsin counties. MGE’s roots in the Madison area date back more than 150
years.

Investor Relations Contact:
Kenneth G. Frassetto
Director – Shareholder Services and Treasury Manager
Madison Gas and Electric Co.
E-mail address: kfrassetto@mge.com
Phone: 608-252-4723
Fax: 608-252-7098

Media Contact:
Stephen R. Kraus
Manager – Media Relations
Madison Gas and Electric Co.
E-mail address: skraus@mge.com
Phone: 608-252-7907
Fax: 608-252-7098